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Loan Against Property (LAP) are loans offered by banks and financial institutions after mortgaging freehold property, both residential and commercial. Because there is security (or mortgage) involved, this is considered a secure loan by the lender and is also termed as Mortgage Loan. It can be used for both personal and business purposes- such as home renovation, house repairs, investment in property, children education, child marriage, business expansion, unsecured loans closures, etc. Since, the mortgage amount can be utilized for many personal reasons banks keep their margins high in mortgage lending interest rates and therefore the rates are high in mortgage loan because mortgage involves more risk.
Upto 20 Years
Interest rates on loan against property range from 9.25 percent to 13.75 percent.
|1||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)||Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)|
|2||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)||Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)|
|3||Latest Salary-slips for 4 months||Certificate & Proof of business existence along with Business Profile|
|4||Form 16 for last 2 years||Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant|
|5||Last 6 months Bank Statements(salary account)||Last 12 months Bank Account Statements (self & business)|
|6||Processing Fee Cheque in favour of bank.||Processing Fee Cheque in favour of bank.|
|7||Photocopy of Title Documents of the Property, Approved Plan Copy etc.||Photocopy of Title Documents of the Property, Approved Plan Copy etc.|
|8||Any other documents as requested for by the respective Financial Institution||Any other documents as requested for by the respective Financial Institution|
The loan to value ratio (LTV) tells you how much of a property is being financed. The LTV criteria are different for residential and commercial property, as mentioned below:-
Loanfasttrack is a free service provider. It is one of the best mortgage loan companies which provides loan against house property at the best rates in the market.Loanfasttrack has a dedicated professional team which helps you to arrive at a smarter decision by evaluating the best mortgage loan offers and best mortgage loan rates of all banks. It is one of the best online platforms that help to compare loan against property interest rates, check mortgage loan eligibility & apply mortgage loan online at a single click. You no longer have to worry on “Which bank gives lowest interest rates for mortgage loan”, Loanfasttrack assures of providing the lowest interest rates for loan against property.
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